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Company Loan Type APR Est. Pmt.

non reaffirmed mortgage payoff

Posted on: 22nd Oct, 2009 02:25 pm
if i pay off my mortgage that i did not reaffirm after chapter 7 bankruptcy in a few years as scheduled without being delinquent, will l own the home outright? title & all? any penalties, fees?
if you pay the loan in full, there souldn't be any reprecussions, however if you don't reaffirm the loan, wont the bank just foreclose on the house?
Posted on: 22nd Oct, 2009 06:37 pm
Welcome Missy,

It's better to reaffirm the loan and then pay off the mortgage dues. Thus, you would remain personally liable for the loan and the lender will also report your payments to the credit bureau. Thus, it will help you in improving your credit report. Then, once you pay off the loan, you will own the property outright.
Posted on: 22nd Oct, 2009 08:11 pm
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